Key highlights:
- Although almost 1 million ETH is awaiting withdrawal, the staking balance has risen to 18.78 million ETH, as deposits have outpaced withdrawals.
- Despite some whales selling parts of their holdings, the volume of staked ETH has surpassed withdrawals, with most people re-staking or trading within the Ethereum ecosystem.
- Furthermore, Binance users can now redeem staked ETH for actual ETH, with withdrawals beginning on April 19th.
While the Shapella upgrade brought both promise and uncertainty, the initial data suggests the Ethereum community is committed to the vision and longevity of the blockchain.
Over the past day, deposits have outpaced withdrawals, leading to a steady increase in the total amount of staked ETH.
Crypto investors preferred to keep staking instead of cashing out their balances that had been locked for close to 3 years. This gives the green light to a new bull rally and the growing level of trust & adoption in the industry.
Ethereum Community’s Commitment to the Future
While nearly 0.95 million ETH awaits withdrawal, the staking balance has already risen to 18.78 million ETH. The staked ETH volume has now eclipsed withdrawals, proving that belief in Ethereum’s future remains strong. The pending withdrawals will sort themselves in time.
A few whales did sell parts of their holdings, as is their right after such a long lock-up, but even they seem keen to keep skin in the game. Most are re-staking or trading on exchanges still within the Ethereum ecosystem. The dire warnings of a mass exodus and ETH selloff have, fortunately, not come to pass.
ETH Price Holds Strong
ETH has held over $2,075 this week, gaining 12% since the network upgrade. Today, however, the ETH price fell 5.8% in an hour.
While the situation is still fluid, the trend is positive. Ethereum appears to have passed this first actual test of its resolve.
Binance Begins ETH Withdrawals
Binance said users can now redeem staked ETH for actual ETH. Withdrawals begin April 19th and are non-cancellable. The process may take weeks to complete for millions of ETH staked.
Users will receive their ETH in their Binance spot wallets. Pending BETH tokens used for withdrawals lose staking rewards until redeemed.
Binance advised users to check estimated payout dates before withdrawing. Daily redemption limits apply due to Ethereum network restrictions. Quotas may adjust as the process progresses.
